The cost of producing an ounce of gold under the World Gold Council's new all-in cost metric is $1 500/oz, says Gold Fields CEO Nick Holland. He says that with the gold price at $1,300/oz, the global gold industry is loss-making. Gold is becoming scarce and resources are becoming scarce, says Holland. Return on equity and return on capital employed have been in decline for the last three years in a row to 2012 and gearing ratios have rocketed as a result of troubled companies borrowing more money to keep existing operations afloat. Although governments the world over are wanting more taxes and royalties from mines, there is very little for governments to take, he says.